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Nov 20, 2019, 12.37 AM IST

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AIR INDIA DISINVESTMENT

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  • Flight operation on the route was started on Monday. Kandla is Alliance Air's 55th destination under UDAN scheme. Alliance Air, a subsidiary of Air India, would operate flight on the Ahmedabad-Kandla route every weekday, according to a release by the Ministry of Civil Aviation.

    Commenting on her decision to slash corporate tax, the finance minister said that the industry has told her that the decision was taken at the right time and that it has made a big difference to their books. She said that the decision was announced on September 20 and industry will take time in announcing major investment decisions.

    The domestic air traffic last month consisted of 12.31 million passengers compared to 11.84 million passengers in the same month last year, a jump of 3.98 per cent, as per data. IndiGo maintained its lead position with 47.4 per cent share of the domestic passenger market in October, the data showed.

    The government has so far raised 173.64 billion rupees ($2.43 billion) in the 2019/20 fiscal year ending in March, against the full-year's target of 1.05 trillion rupees, the minister said in a written reply in the lower house of parliament.

    I do not think there will be either a big downside or a big upside in the near term.

    The report, set to be released on Monday, recommends that the government inform the top management of CPSEs about its disinvestment plans, a press release by the CII said. “Given the current environment of divestment uncertainty, it is critical to apprise the CPSE top management in advance, about a decision on this,” the release stated.

    Air India’s problem with cabin crew scheduling began last month on Karva Chauth when a number of cabin crew members unexpectedly called in sick. An AI spokesperson confirmed that termination letters were sent to the crew because on November 2 and 3 there was a sudden jump in the number of people who reported sick.

    The government has taken on Rs 29,400 crore of Air India’s total debt of about Rs 60,000 crore, leaving about Rs 30,600 crore on its books. Separately, its other liabilities amount to Rs 22,000 crore. Of the remaining debt of Rs 30,600 crore, about Rs 12,500 crore are against aircraft loans.

    The nearly 800-member strong Indian Commercial Pilots' Association has decided to work towards bringing all the unions at the airline under a common platform to oppose privatisation of the airline. The government is working on the final contours of disinvestment of loss-making Air India, which has a debt worth over Rs 58,000 crore.

    There is a possibility of government selling its 53.29 per cent stake along with management control in oil marketing and refining firm for about USD 10 billion (around Rs 70,900 crore)

    Indian Oil is the third oil company in which it is thinking of cutting stakes.

    Air India chief Ashwani Lohani in a communication to the employees on Thursday, said, "Air India, your very own national carrier, is easily the most well-known Indian brand across the globe. It is incumbent upon all of us together to ensure that the brand retains its sheen even in the present testing times."

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